In the last few weeks, the Canadian dollar has broken through the resistance level at 0.9850 and surged towards 1, after pausing around another significant level at 0.9950 for several days. After reaching 1 within the last few days, the Canadian dollar has consolidated a little although it did fall down towards the key level at 0.9950 only to find strong support there. For the most part since the beginning of June, the Canadian dollar has experienced a very strong move from 1.045 down below 0.9650.
For the most part since throughout September and October, the Canadian dollar remained below the 0.9850 level and experienced significant resistance at 0.9850 throughout. Several levels now seem relevant with the present level at 1 being the most obvious. (Daily chart below)
daily chart
USD/CAD |
Oct 31 at 23:00 GMT |
| 1.0001/03 | H: 1.0014 | L: 0.9960 |
| S3 | S2 | S1 | R1 | R2 | R3 |
| 0.9950 | 0.9850 | 0.9750 | 1.0000 | 1.0100 | 1.0200 |
USD/CAD Technical
- During the early hours of the Asian trading session on Thursday, the Canadian dollar has pushed up a little towards the present key level at 1.0000.
- For several weeks, the 0.9850 level was being a solid resistance level however within the last few weeks, this level has been clearly broken.
- Current range: trading right around 1.0000.
Further levels in both directions:
- Below: 0.9950, 0.9850, and 0.9750.
- Above: 1.0000, 1.0100 and 1.0200.
November 1
- CN 1:00 (GMT) Manufacturing PMI
- JP 5:00 (GMT) Vehicle Sales (YoY)
- AU 5:30 (GMT) RBA Commodity Price Index
- US 12:30 (GMT) Non-Farm Productivity
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